Energy prices remained soft on Monday, with both US and UK markets closed on public holiday. Investors took profit after the OPEC/non-OPEC announcement to extend output cut for 9 months, a scenario that had been widely anticipated. Over the past years, the OPEC has been facing a dilemma: to cut output in order to lift oil price, or to maintain production level so as to compete with the US for market share. It would not be an easy choice and the consequence of either option would be problematic.
Read the original post:
WTI Crude Price Below US$50/bbl. Supply Concerns Remain as US Ramps Up Production
Leave a Reply
You must be logged in to post a comment.